Peanut The Squirrel (PNUT) Coin Skyrockets 31% Post-Coinbase Debut

Peanut the Squirrel (PNUT), a Solana memecoin based on a social media-famous squirrel, has recorded up to a 31% surge in price. The surge in PNUT coin follows the announcement of Coinbase’s plan to list the token for trading.

PNUT will join Mog Coin (MOG) and Moo Deng (MOODENG) from the Ethereum and Solana blockchains, now trading on Coinbase.

PNUT Coin Takes Memecoin Spotlight with Coinbase Listing

The token’s market value is currently pegged at $1.32 per market data.

In addition to a price rally, the token’s market cap has climbed to $1.31 billion. Following the hype, its trading volume jumped by 10% to $1.31 billion.

Judging by historical data, this sentiment is not unfounded. A PNUT coin price surge usually follows whenever a top crypto exchange lists a project’s token for trading.

This accompanying bullish trend was discovered in 2019 and dubbed the “Coinbase Effect.”

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This effect is not limited to Coinbase alone. Two weeks ago, Thena (THE), a DEX and liquidity layer on BNB Chain, saw a massive price rally of 144.53%.

The price surge followed its listing update on Binance and airdrop for users who subscribed to Simple Earn Flexible or Locked products.

Coinbase Listing Influence on Altcoins

Two tokens that recently experienced the Coinbase Effect phenomenon are MOG and Gigachad (GIGA).

In just an hour after announcing a potential listing on Coinbase, MOG skyrocketed by 20%. When it eventually got a formal listing, the memecoin hit an all-time high (ATH) of $0.000004022.

In the case of GIGA, there was a quick succession of uptrends and corrections after Coinbase announced its roadmap.

However, it charted a new surge as Coinbase users gained access to the token. Gigachad gained more than 42% within 24 hours and established a new ATH price of $0.077 afterward.

Meanwhile, PNUT coin is still significantly lower than its $2.44 ATH, recorded on November 14. This previous high was recorded three days after Binance got the token a spot listing.

Based on its $1.31 billion market cap, the squirrel-based memecoin is the most valuable coin ever created on Solana’s memecoin launchpad Pump.Fun.

Due to Peanut the Squirrel’s price rally, one trader went from holding $16 worth of the memecoin to becoming a millionaire with more than $3 million in just two weeks.

Market Recovery and General Outlook

Compared to Binance, which frequently announces token listings, Coinbase has been quite cautious, taking it slow and steady.

However, Donald Trump’s victory in the United States election changed the trajectory of the prominent cryptocurrency exchange. A representative for Coinbase stated that it is striving to bring the products and services that customers want to the market.

Notably, securities concerns were previously a major challenge exchanges operating in the US never looked forward to. A change in administration might trigger Coinbase’s more unconventional product rollout, further boosting the market’s appeal.

Generally, institutional investors’ appetite for crypto offerings has increased these past few months.

Many have diversified their portfolios with spot Bitcoin and Ethereum ETFs. With the potential for the crypto landscape to improve under Trump’s administration, several others are likely to enter the crypto ecosystem.